Special Situations

What makes us different?

From distressed municipal debt to specialty telecommunications, our Special Situations team identifies unique investment and strategic ideas that fall outside of our core sectors, diving deep into the issues that focus on distressed or event-driven opportunities. This means constantly reevaluating ways to produce differentiated analysis that allows our clients to better understand regulatory pressure and legislative trends.

We live in the weeds.

In order to identify unique, non-traditional investment themes, our analysts strive to become experts on the opaque policy details. We sift through murky comment letters, proposed rules, agency publications, and legislative drafts. We also attend public hearings and visit the municipal bond issuers we cover in person in search of insight and conclusions often missed by others. Throughout our continued coverage, our analysts have built strong relationships with current and former senior officials in the United States and its territories, leading financial advisory firms, and vital members of the business community. These relationships allow us to closely track volatile situations and ensure that our coverage considers the viewpoints of those closest to the issues we cover. Capstone prides itself on digging deep to cut through the noise to provide context and differentiated insights.

Selected Issues

Distressed municipal debt of Puerto Rico, Detroit, and Illinois
TXU/Energy Future Holdings Restructuring
Gaming
Merger arbitrage

Trucking and transportation
Product liability claims
Net metering policies
For-profit education

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Our Latest Insights

Consumer Finance 2022 Policy Preview

Consumer Finance 2022 Policy Preview

The CFPB's Looming Regulation Ramp Up Download January 21, 2022 2022 will be an inflection point for federal regulation of consumer finance companies, with large companies in the Consumer Financial Protection Bureau's crosshairs. CFPB Director Rohit Chopra will...

Telecom 2022 Policy Preview

Telecom 2022 Policy Preview

Accelerated Telecom Action & 5g Disputes Download January 25, 2022 The Biden administration and Democrat-led federal agencies are ramping up efforts to implement the president’s telecommunications agenda. The Federal Communications Commission will accelerate its...

Why a Reconciliation Package Will Still Pass

Why a Reconciliation Package Will Still Pass

By: Max Reale January 25, 2022 — President Biden and the vast majority of Congressional Democrats are desperate for a legislative victory on some—frankly any—of the priorities they set out to tackle when they launched the FY22 reconciliation process late last summer....